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As per documentary credit terms insurance policy/certificate needs to be presented, Whereas declaration under open cover has been presented duly signed by insurance company. Will it will be treated as discrepancy?

Hi Pals,

IMHO, declaration under an open cover must be made by the insured party to the insurance company, declaring that towards a specific open policy , you are insuring a certan Cargo, specifying all necessary details. I think that is used when Insrance cover is provided by the buyer.
So, insurance certificate is to be presented by the seller on its own insurance policy(or forwarder, etc) whilst declaration is presented by the seller but against an open policy provided by the buyer(plus other interested, banks, etc)

Other comments appreciated

Ciao

IMO a policy is a much more comprehensive document as compared to a certificate or a declaration (in that order) . I believe a declaration under open cover cannot substitute a policy .
I am not sure whether a declaration can substitute a certificate . My guess is no because a certificate issued by the insurance company / agent would be more acceptable rather than a declaration by the party to the insurance co.